INVESTOR

PRESENTATION
© CYIENT 2022 | Confidential

Annexure
Q2 FY23
 Message from the Management
Commenting on the results, Mr. Krishna Bodanapu, Managing Director and Chief Executive Officer, said “Cyient
delivered strong Q2 FY23 results, with revenue at $ 174.8 Mn, a growth of 10.0% QoQ and 20.4% YoY in constant
currency. The services revenue was $151.1 Mn, an increase of 10.2% QoQ and 21.3% YoY in constant currency,
driven by Healthcare, Mining, and Semiconductor business units. The normalized EBIT margin at the group level,
excluding exceptional items and one-off M&A expenses, at 11.9% is higher by 42 bps QoQ and lower by 212 bps YoY.

We continue to witness strong momentum across the business, driven by key wins, robust Order Intake, and pipeline.
We won five large deals with a total contract potential of $ 105 Mn. We also witnessed significant growth across key
KRISHNA accounts, with revenue from the top 30 accounts growing at 12.3% YoY in constant currency terms. This quarter we
BODANAPU recorded our highest group OI which grew by over 58% YoY. We continue strengthening our technology offerings,
Managing Director focusing on building solutions across key megatrends impacting industries like Automotive, Medical,
& CEO Communications etc.

Regarding this, we also launched the report in partnership with Everest Group on Megatrends impacting the industry.
These megatrends are global, technology-driven disruptions that will shape investments, opportunities, and
lifestyles over the next decade. Cyient was recognized as the “Rising star” for Managed Services in the U.S. region in
ISG Provider Lens™ Study 2022 for the Internet of Things. The award highlighted Cyient’s flexible deployments
through usage-based modular services.
© CYIENT 2022 | Confidential

Our outlook for the year continues to be strong; we are confident about delivering mid-double-digit growth at the
group level, driven by strong OI, a large deals pipeline, and growth in key accounts. Margins will continue to improve
through the rest of the year. The outlook for the DLM business has improved and will witness high single-digit growth
due to increased orders and our ability to address some supply-side constraints.”

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 Message from the Management
Commenting on the results, Mr. Ajay Aggarwal, Executive Director & CFO, said, “Our core operations
remain robust with Services revenue growth showing strong momentum. This has translated into topline
growth of 20.4% cc YoY, 10.0% cc QoQ, Normalised Group EBITDA margin at 16.4% (up by 84 bps QoQ
and down by 226 bps YoY), Normalized Services EBIT margin (without acquisitions) at 13.2% (up by 112
bps QoQ and down by 228 bps YoY) and Normalized PAT at ₹1,103 Mn (de-growth of 5.0% QoQ and 9.1%
YoY). The DLM business has witnessed a de-growth of 3.3% QoQ in Q2 FY23 due to continued supply side
challenges. However, we are confident of a recovery in the same in H2 FY23 on the back of a strong order
book. Given the strong growth potential of the EMS sector, the Board has discussed the need to determine
AJAY an optimal structure for housing the DLM business to enable scaling up and participation in this
AGGARWAL opportunity. We have closed all the 4 acquisitions, announced at the start of the year, and the full impact of
Executive Director consolidation of the same will be visible in H2 FY23. Free Cash Flow generation for the quarter, excluding
& CFO
one-offs and exceptional items, stood at ₹1,010 Mn, a conversion of 42.4% on Normalised EBITDA. We
have also maintained our payout levels and declared an interim dividend of ₹10 per share.

Our rigorous initiatives on collection, discretionary cost control and automation will continue and we
expect the full benefits of improved operational efficiency to be visible in H2FY23. We remain strongly
focused on growth, improvement in operating efficiencies and cash generation and thus maximizing the
© CYIENT 2022 | Confidential

value for our shareholders.”

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 Consolidated Financial Metrics
Growth %
₹ Mn Q2 FY23 Q1 FY23 Q2 FY22
QoQ YoY
Revenue 13,962 12,501 11,116 11.7% 25.6%
EBITDA (Reported) 1,864 1,946 2,075 -4.2% -10.2%

EBITDA margin (Reported) 13.4% 15.6% 18.7% -222 bps -532 bps
EBITDA (Normalised) 2,291 1,946 2,075 17.7% 10.4%
EBITDA margin (Normalised) 16.4% 15.6% 18.7% 84 bps -226 bps
EBIT (Reported) 1,234 1,435 1,558 -14.0% -20.8%
EBIT margin (Reported) 8.8% 11.5% 14.0% -264 bps -518 bps

EBIT (Normalised) 1,660 1,435 1,558 15.7% 6.6%

EBIT margin (Normalised) 11.9% 11.5% 14.0% 41 bps -212 bps
PAT (Reported) 791 1,161 1,214 -31.8% -34.8%
PAT (Normalised) 1,103 1,161 1,214 -5.0% -9.2%
© CYIENT 2022 | Confidential

Foreign Exchange Rate

$/₹ Q2 FY23 Q1 FY23 Q2 FY22
Average 79.75 77.37 74.05
Closing 81.48 78.92 74.35
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 Consolidated Revenue Segmentation
By Geography (%)

Particulars Q2 FY23 Q1 FY23 Q2 FY22

Americas 50.4% 51.3% 48.8%
Europe, Middle East, Africa 26.0% 22.7% 24.8%

Asia Pacific (includes India) 23.6% 26.0% 26.4%

By Business Unit (%)

Particulars Q2 FY23 Q1 FY23 Q2 FY22
ARC total 57.1% 63.8% 65.7%
Aerospace 27.3% 30.5% 32.1%
Rail transportation 6.5% 7.9% 10.9%

Communications 23.3% 25.4% 22.7%

MEU total 14.4% 14.3% 15.5%

Mining 2.3% 2.3% 1.6%

Energy 6.3% 5.5% 5.2%

Utilities 4.8% 5.0% 6.6%

Consulting 1.1% 1.5% 2.1%

© CYIENT 2022 | Confidential

New Growth Areas total 18.3% 18.7% 18.7%

Total without Acquisitions 89.8% 96.8% 100.0%
Citec 4.3% 0.0% 0.0%
Celfinet 3.5% 0.0% 0.0%

Grit 1.1% 2.3% 0.0%

Strategic Buyout 1.3% 0.9% 0.0%

Total with Acquisitions 100.0% 100.0% 100.0% 5

 Consolidated Operations Metrics
Account Receivables (in Days)
Particulars Q2 FY23 Q1 FY23 Q2 FY22
DSO Total 85 88 81
- Billed 59 59 60
- Unbilled 26 29 21

Order Intake ($ Mn)^

Particulars Q2 FY23 Q1 FY23 Q2 FY22
Cyient Services 129 141 123

DLM 118 24 33
Group OI Total 247 165 156
^The Order Intake reported is the total value of all orders received during the period.
Some of these orders are multi year and can be executed over more than 12 months
© CYIENT 2022 | Confidential

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 Consolidated Client Metrics
Top Clients: Revenue Contribution (%)

Particulars Q2 FY23 Q1 FY23 Q2 FY22

Top 5 25.2% 27.7% 31.7%

Top 10 37.2% 39.3% 43.2%

No. of Million $ Clients

Particulars Q2 FY23 Q1 FY23 Q2 FY22
20 Mn+ 4 4 3
10 Mn+ 12 11 10

5 Mn+ 37 32 32
1 Mn+ 98 94 92
© CYIENT 2022 | Confidential

New Clients Added 8 8 18

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 Consolidated Employee Metrics
Employees
Particulars Q2 FY23 Q1 FY23 Q2 FY22
Total Headcount 15,598 14,147 12,707

Technical & Pool 14,474 13,165 11,763

Non-Technical 463 473 330
Support 661 509 614

Voluntary Attrition (LTM)* 28.4% 27.9% 24.8%

* Attrition is reported on LTM basis from Q1FY23. This is in line with the industry
reporting practice. For Q2FY23, quarterly annualised attrition stood at 26.5%
© CYIENT 2022 | Confidential

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 Consolidated Other Financial Metrics
Cash Position (₹ Mn)

Particulars Q2 FY23 Q1 FY23 Q2 FY22

Cash & Cash Equivalent including treasury
13,944 13,749 14,033
investments

Cash & Bank balances 6,094 4,211 5,846

Investments in FDs 5,014 6,574 8,187
Investment in MFs 271 864 0

Treasury investments 2,565 2,100 0

Capex (₹ Mn)
Particulars Q2 FY23 Q1 FY23 Q2 FY22
Capital Expenditure 91 134 141
© CYIENT 2022 | Confidential

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 Consolidated Income Statement
Income Statement ₹ Mn Q2 FY23 Q1 FY23 Q2 FY22
Operating Revenue 13,962 12,501 11,116
Cost of Revenue 8,595 7,901 6,846
Direct Salary and related costs 5,632 4,989 4,351
Direct Travel 164 136 84
Delivery Management 278 257 221
Material cost 1,282 1,459 1,332
Other costs incl Subcontract costs 1,239 1,059 859
Gross profit 5,367 4,600 4,270
Sales and Marketing 451 402 420
General and Administration 2,626 2,252 1,775
Depreciation and Amortization 630 511 517
EBIT (Normalised) 1,661 1,435 1,558
Financial expenses 345 177 91
Other income 197 337 150
© CYIENT 2022 | Confidential

One off/ Exceptional item 427 0 0

Profit before tax (PBT) (Reported) 1,085 1,595 1,617
Tax 294 435 403
Profit After Tax (Reported) 791 1,161 1,214
Basic EPS (₹) (Reported) 7.2 10.6 11.1
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 Extract of Consolidated Balance Sheet
Balance Sheet ₹ Mn Q2FY23 Q1FY23 Q2 FY22
EQUITY AND LIABILITIES
Shareholders’ funds
-     Share capital 552 552 551
-     Reserves and surplus 31,230 30,318 28,698
Total - Shareholders' funds 31,782 30,870 29,249
Non-current liabilities
-     Long-term borrowings and liabilities 3,827 3,943 2,434
-     Long-term provisions 1,998 1,295 1,355
-     Deferred tax liabilities (net) 1,051 673 271
Total - Non-current liabilities 6,876 5,911 4,060
Current liabilities
-     Short-term borrowings 13,320 6,527 2,933
-     Trade payables 6,584 5,798 5,045
-     Other current liabilities 5,975 5,410 2,991
-     Short-term provisions 1,018 931 864
Total - Current liabilities 26,897 18,666 11,833
TOTAL - EQUITY AND LIABILITIES 65,555 55,447 45,142

ASSETS
Non-current assets
-    Property, plant and equipment 13,148 10,495 8,274
-    Goodwill 14,405 9,819 6,112
-     Non-current investments 3,844 3,430 718
-     Deferred tax assets (net) 365 305 300
© CYIENT 2022 | Confidential

-     Other non-current assets 918 1,024 1,189

Total - Non-current assets 32,680 25,073 16,593
Current assets
-     Inventories 4,087 3,329 1,913
-     Current investments 532 1,023 -
-     Trade receivables 9,466 8,288 7,335
-     Cash and cash equivalents 11,108 10,785 14,033
-     Other current assets 7,682 6,949 5,268
Total - Current assets 32,875 30,374 28,549
 TOTAL ASSETS 65,555 55,447 45,142 11
 Consolidated Cash Flow Movement
₹ Mn Q2 FY23 Q1 FY23 Q2 FY22

Free cash flow from operations (Normalised) 682 596 2,050

Investment in non current investments (626) 191 (374)

Settlement of purchase/deferred
consideration consideration pertaining to (4,668) (4,063) (180)
new/prior year acquisitions
Interest received 132 100 211
Finance costs paid (153) (63) (32)
Proceeds/(Repayment) of borrowings, net 4,860 3,299 (379)
Repayment of lease liabilities (321) (270) (194)
Proceeds from issue of equity shares 16 17 22
Dividend paid 0 (1,528) (1,863)
Purchase of equity shares by ASOP trust 12 0 (488)
Others (204) 0 (2)
© CYIENT 2022 | Confidential

Net change in cash (270) (1,722) (1,230)

Opening cash position 11,649 13,370 15,263

Closing cash position 11,379 11,649 14,033

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 Other Income
All Figures in ₹ Mn Q2FY23 Q1FY23 Q2 FY22 For the quarter
Income from Treasury • Treasury income is higher due to higher yield,
Interest on Investments/Deposits 97 91 110 despite lower cash balance attributed to
Dividend on Mutual Funds 5 4 0 acquisition funding and dividend payout
Subtotal (A) 102 95 110
Realised gains/(losses) on Fwd Contracts (B) 57 144 89 • Forward contract gain is ₹57 Mn, unfavorable
Unrealised Fx gains/(losses) (C) 12 31 (59) QoQ movement of ₹89 Mn, due to lower gains
Others in contracts across currencies
Interest on IT Refunds 0 53 0
• Unrealized Fx Gain in Q2 is lower mainly from
Reversal of Old provisions 0 0 0
unfavorable restatement impact in India
Rents received 5 3 2
Tax incentives on export of merchandise 0 0 0
Others 21 10 7
Subtotal (D) 26 66 9
Grand total (A+B+C+D) 197 337 149

Currency Q2 FY23 Q1 FY23 Q2 FY22

Movement
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Forward Spot Forward Spot Forward Spot

USD 77.3 79.8 77.1 77.6 76.9 74.0
EUR 91.1 80.6 94.0 82.4 91.6 87.0
GBP 106.0 94.6 108.9 96.9 100.4 101.4
AUD 56.2 55.0 59.4 54.8 55.8 54.1
CAD 60.6 61.6 63.2 60.6 58.2 58.8
Forward and spot rates represent average of monthly rates 13
© CYIENT 2022 | Confidential

(Services)
Cyient Metrics

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 Cyient Metrics (Services) (1/3)
By Geography (%) Onsite/offshore Split (%)
Particulars Q2 FY23 Q1 FY23 Q2 FY22 Particulars Q2 FY23 Q1 FY23 Q2 FY22
Americas 50.7% 53.0% 52.8% Onsite 52.0% 50.0% 50.3%
Europe, Middle East, Africa 28.0% 21.8% 27.5% Offshore 48.0% 50.0% 49.7%
Asia Pacific (including India) 21.3% 25.2% 19.7%

By Business Unit (%)

Particulars Q2 FY23 Q1 FY23 Q2 FY22

ARC total 56.9% 63.2% 65.8%

Aerospace 22.7% 24.3% 25.8%

Rail transportation 7.3% 9.1% 12.6%

Communications 26.9% 29.9% 27.3%

MEU total 12.8% 13.8% 16.5%

Mining 2.6% 2.8% 1.9%
Energy 3.4% 3.4% 4.1%

Utilities 5.5% 5.9% 8.0%

Consulting 1.2% 1.8% 2.5%

New Growth Areas total 18.5% 19.2% 17.7%

© CYIENT 2022 | Confidential

Total without Acquisitions 88.2% 96.2% 100.0%

Citec 4.9% 0.0% 0.0%

Celfinet 4.1% 0.0% 0.0%

Grit 1.3% 2.7% 0.0%

Strategic Buyout 1.5% 1.0% 0.0%

Total with Acquisitions 100.0% 100.0% 100.0%

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 Cyient Metrics (Services) (2/3)
Currency Mix (%)

Particulars Q2 FY23 Q1 FY23 Q2 FY22

USD 52.9% 52.9% 50.8%

EURO 10.3% 10.3% 13.1%

GBP 8.0% 8.0% 9.4%

AUD 12.9% 12.9% 13.4%

Others 16.0% 16.0% 13.4%

Utilization (%)
Particulars Q2 FY23 Q1 FY23 Q2 FY22
Utilization 84.6% 80.9% 85.0%

Account Receivables (in Days)

© CYIENT 2022 | Confidential

Particulars Q2 FY23 Q1 FY23 Q2 FY22

DSO Total 88 89 80
- Billed 57 55 54

- Unbilled 31 34 26
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 Cyient Metrics (Services) (3/3)
Top Clients: Revenue Contribution (%)

Particulars Q2 FY23 Q1 FY23 Q2 FY22

Top 5 28.9% 32.1% 33.0%

Top 10 39.9% 43.6% 45.6%

No. of Million $ Clients

Particulars Q2 FY23 Q1 FY23 Q2 FY22

20 Mn+ 4 4 3

10 Mn+ 12 11 10
5 Mn+ 30 25 24

1 Mn+ 85 81 76

New Clients Added 8 8 17

Employee
© CYIENT 2022 | Confidential

Particulars Q2 FY23 Q1 FY23 Q2 FY22

Total Headcount 15,004 13,581 12,035

Technical & Pool 13,923 12,599 11,149

Non-Technical 461 473 312

Support 620 509 574 17

 Cyient Metrics
(Design Led
Manufacturing)
© CYIENT 2022 | Confidential

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 Cyient Metrics (Design Led Manufacturing) (1/3)
Income Statement - Abridged (In ₹ Mn)

Particulars Q2 FY23 Q1 FY23 Q2 FY22

Net Revenue 1,894 1,897 1,888

Direct Salaries & other costs 240 238 278

Material Cost 1,283 1,459 1,330

Gross Profit 371 200 280

SG&A 144 52 85
Depreciation & amortisation 70 69 67

EBIT 157 80 129

Others -33 16 -14

Profit Before Tax 124 95 115

By Geography (%)
© CYIENT 2022 | Confidential

Particulars Q2 FY23 Q1 FY23 Q2 FY22

Americas 48.5% 41.5% 29.5%
Europe, Middle East, Africa 13.1% 27.7% 11.5%

Asia Pacific (including India) 38.4% 30.8% 59.0%

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 Cyient Metrics (Design Led Manufacturing) (2/3)
By Business Unit (%)
Particulars Q2 FY23 Q1 FY23 Q2 FY22
ARC total 58.2% 67.1% 65.5%
Aerospace 56.8% 65.5% 63.0%

Rail transportation 1.4% 1.5% 2.3%

Communications 0.0% 0.2% 0.2%

MEU total 24.7% 17.2% 10.8%

Mining 0.0% 0.0% 0.1%
Energy 24.7% 17.2% 10.7%
Utilities 0.0% 0.0% 0.0%

Consulting 0.0% 0.0% 0.0%

New Growth Areas total 17.1% 15.7% 23.7%

Currency Mix (%)

© CYIENT 2022 | Confidential

Particulars Q2 FY23 Q1 FY23 Q2 FY22

USD 66.4% 89.9% 40.0%
EURO 4.1% 3.2% 2.0%
AUD 0.0% 0.0% 0.0%
Others 29.6% 6.9% 58.0%
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 Cyient Metrics (Design Led Manufacturing) (3/3)
No. of Million $ Clients

Particulars Q2 FY23 Q1 FY23 Q2 FY22

5 Mn+ 7 7 8

2 Mn+ 11 11 12
1 Mn+ 13 13 16

New Clients Added 0 0 1

Key Operational Metrics

Particulars Q2 FY23 Q1 FY23 Q2 FY22

Headcount 594 567 672

DSO (in Days) 71 85 91

DPO (in Days) 82 65 111
© CYIENT 2022 | Confidential

Customer Advance (in Days) 87 82 49

Inventory (in Days) 207 189 108
Total Cash (₹ Million) 1324 950 784

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 About Cyient

Cyient (Estd: 1991, NSE: CYIENT) is a global engineering and technology solutions company. As a Design,
Build, and Maintain partner for leading organizations worldwide, Cyient takes solution ownership across the
value chain to help customers focus on their core, innovate, and stay ahead of the curve. The company
leverages digital technologies, advanced analytics capabilities, domain knowledge, and technical expertise to
solve complex business problems.

Cyient partners with customers to operate as part of their extended team in ways that best suit their
organization’s culture and requirements. Cyient’s industry focus includes aerospace and defense, healthcare,
telecommunications, rail transportation, semiconductor, geospatial, industrial, and energy.

For more information, please visit www.cyient.com. Follow news about the company at @Cyient

Contact Details:

Investor Relations Media Relations

© CYIENT 2022 | Confidential

Mayur Maniyar Kiran Rajani

M: +91 9224126705 M: + 91 9884139184
E: mayur.maniyar@cyient.com E: kiran.rajani@cyient.com

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 Disclaimer

All the references to Cyient’s financial results in this update pertain to the company’s consolidated operations
comprising:
Wholly-owned and step down subsidiaries: Cyient Europe Limited; Cyient Inc.; Cyient GmbH; Cyient Australia Pty
Ltd; Cyient Singapore Private Limited; Cyient KK; Cyient Israel India Limited; Cyient Insights Private Limited,
Cyient DLM Private Limited, Cyient Canada Inc.; Cyient Defense Services Inc; Cyient Benelux BV; Cyient Schweiz
GmbH; Cyient SRO; AnSem NV; AnSem B.V.; Cyient AB; Integrated Global Partners Pty Limited; Integrated Global
Partners Pte. Limited; Integrated Global Partners SpA; IG Partners South Africa (Pty) Ltd; Workforce Delta Pty.
Ltd.; Grit Consulting Pte. Ltd.; Celfinet - Consultoria EM Telecomunicacoes S.A.; Metemesonip, Unipessoal Lda;
Celfinet UK Telecommunications Consulting Services Ltd.; Celfinet Espanã - Consultoria en Telecomunicaciones
S.L; Celfinet (Brasil) - Consultoria em Telecomunições, Ltda, Celfinet Mozambique – Consultoria em
Telecomunicações, Limitada; Sentiec Oyj; Citec Group Oy Ab; Citec Oy Ab; Citec Engineering France Sarl; Citec
AB; Citec Information & Engineering GmbH; Citec Group France SAS; Akilea Overseas Ltd.; Citec Norway AS;
Citec Engineering India Limited
© CYIENT 2022 | Confidential

Partly owned subsidiary: Cyient Solutions and Systems Private Limited.

Joint venture: Infotech HAL Ltd

The income statement and cash flow provided is in the internal MIS format. MIS format is different from the
income statement and cash flow published as part of the financial results, which is as per the statutory
requirement.
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